Gurugram's Solethreads raises $3.7M in Series A round led by new and existing backers

Gurugram-based Solethreads, a rapidly growing casual footwear brand, has raised $3.7 million in a Series A funding round led by Fireside Ventures and existing investors DSG Consumer Partners and Saama Capital.

Angels, including Nihir Nalin Parikh and Dhaval Nalin Parikh, also showed their participation in the round.

The brand said it plans to use the raised capital to bolster its research and development (R&D) centre and its design innovation lab, enabling to strengthen its product launch pipeline and venture into new categories within the casual footwear industry.

Founded in 2020, Solethreads is a design-led, innovative, driven and sustainable casual footwear brand that provides sneakers, flip-flops and slides. The brand claims that it has a strong omnichannel presence in more than 600 multi-brand outlets (MBOs) through distributors and in large retail formats such as Shoppers Stop, Reliance Retail, Metro Shoes. 

Sumant Kakaria, Co-founder and CEO of Solethreads said, “Solethreads was launched with an objective to offer the best casual footwear designs and innovations to the customers. The footwear industry has been dominated by global brands, and Solethreads aims to be the brand built in India for the world. Our First brand outlet in Mumbai is using technology to make it India’s first Phygital Casual footwear store, thereby being the disruptor in the industry. The funding will facilitate our expansion into new categories, further enhance our innovation capabilities and fuel our geographical footprint."

The brand said it aims to increase its reach to over 1000 MBOs by the end of the financial year.

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